The Ministry of Labour (MoL) has requested all private sector establishments to begin paying salaries and other dues through electronic or online ban-king services starting February 28.
Following a notice issued by the Central Bank of Oman (CBO), the ministry urged companies to stop using traditional means of money transfer.
‘All private sector establishments need to adhere to the circular of the CBO. Each establishment has to check with the bank in which it has its main account to find out the new mechanism to electronically transfer salaries,’ an MoL statement said.
The ministry emphasised the need to cooperate with banks and adhere to the date set for implementation of this initiative at the national level for public interest.
CBO, in collaboration with the Ministry of Finance and MoL, mandated the banks operating in the sultanate to provide a seamless mechanism for transferring salaries of all government and private agencies/companies through electronic banking services.
CBO has been working with the relevant authorities to implement this initiative since 2019. However, due to the COVID-19 pandemic, the deadline has been extended several times.
It has now been decided to implement this system starting February 28, stipulating banks stop receiving any salary transfer files by ‘insecure methods’.
© 2021 Apex Press and Publishing. All Rights Reserved.